If you earn commission income and found it difficult to qualify for a mortgage pre-covid, post-covid might make it more difficult.

Lenders typically consider commission income with a bit more risk than other types of self-employed business income.

Now, there may be continued “thoughtfulness” about what occupation you also have.

Ron Butler of Butler Mortgage cautioned that there will be a “much higher level of scrutiny”.

“For instance, at the end of the day there will be a lot of thought given to people given to pure commission income. Is their income going to be the same in 2020 as it was over the last previous two years? (Lenders take into consideration 2-year averages).

You might have had two great years, but based on your occupation, the banks are not thinking you’re going to have a great year this year.”

Ron discusses commission income mortgage qualification changes amidst and post-covid 19 in this video with Doug Hoyes, co-founder of Hoyes Michalos, a personal insolvency service firm based in Toronto:

Of course, there are ways to improve your chances in obtaining a mortgage like having 50% down and/or a cosigner.

A lot of frustration can be avoided by selecting the right lenders who deal with commission income.

To find out how you can qualify for a mortgage using commission income in this day and age (post-covid 19), start a conversation with us at Butler Mortgage. We have the largest lenders network in Canada and will work hard to get you the mortgage you need.

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COVID-19 Update: We're here for you. These are uncertain times but one thing that is certain is our commitment to you. As an online business, we're set up to help you remotely so you can still take care of your mortgage decisions.